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one subject that business owners are not aware of is documentation for credit card purchases most people think that the credit card statement that they receive in the mail is going to be sufficient enough if youre audited to verify those purchases made this is incorrect if audited the IRS will ask for actual receipts and if they dont receive them they can disallow those expenses that were purchased on the credit card without a receipt this could result in an increase of your taxable income so what do you need to do you need to keep the actual receipt that you receive at the time of purchase whats the best way to organize and keep these you want to either take a picture of them with your phone right away or scan them into your computer it will make it easier to organize and they will remain legible also if youre taking a client out for a meal you want to write a persons name on your receipt as well as what the meal was for this will help to verify that it was a true business expens